September 23, 2023

Bank of Korea will issue blockchain bonds

Bank of Korea will issue blockchain bonds

The Bank of Korea is working on its own blockchain bond issuance system and is looking for a technology partner for platform development.

Bank representatives said that technologyblockchain will eventually replace existing mechanisms for the exchange and accounting of bonds. The goal of the new project is to transfer bond transaction reports from the Korean Depository to the blockchain. According to bankers, such a system will increase work efficiency, as well as reduce management costs.

The system will work using nodes,managed by several senior financial and regulatory authorities in Korea, including the Korea Fair Trade Commission, the Bank of Korea, and other commercial banks.

One of the Central Bank managers said:

We use government bonds to record transactions in a distributed registry and test the possibility of creating a payment trading system.

South Korea is one of the leaders in technology developmentblockchain. According to the London law firm Withers $ Rogers, the largest number of blockchain patents are registered in South Korea. In second place in this ranking is Japan.

According to the materials